is it ok to close credit cards with zero balance?

Answer 1

From what I understand it's better for your credit to leave them open with the 0 balance.

Answer 2

Simply put, yes. It's fine to close an account with a zero balance, especially if you don't need it. You don't need a lot of open lines of credit showing up on your credit report, because they will detract from your credit score. Close any accounts for cards you no longer use, and reduce the spending limits on other cards.

Answer 3

When you say "close" do you mean returning the card to the card issuer? Theoretically it is a sensible thing to do, but a time might come when you regret it because a situation has arisen where you really need the facility of a credit card. In a credit score context, it is better to possess a credit card that is not currently being used rather than not possess a credit card at all. The possession of a credit card is beneficial

Answer 4

You can close a credit card account at any time. It's actually best if it's zero balance; otherwise you have to pay off the remaining balance (if any), or try to get a check for any credit (good luck, they'll spend years keeping that from you).

Answer 5

It depends.

If you have several and the ones you are thinking about closing are ones that you have not had a long time then yes, it's OK.

If on the other hand the ones you are thinking about closing are ones you have had the longest, then no it's not OK. This will hurt your credit score.

You can always use them for everyday things like gas and food and pay them off in full every month. This way you will still show activity and not pay interest.

Answer 6

Did you pay them off to have a zero balance? It always looks good on your credit report to have credit yet a low balance. I would leave it open to establish credit.

Answer 7

You may close your accoutns but in reality it helps your credit rating to leave them open if you have a good history with them. If you close an acocunt, the history of payments eventually comes off of your credit report. Part of having good credit is showing good long term use of debt. By closing these accounts you lose part of your history. If these are accoutns that you have had bad incidents with (missed payments, overdue balances, etc.) then by all means close them.

Answer 8

Your "assertion ultimate stability" won't be a similar ingredient as your cutting-edge stability. to illustrate, in the journey that your mastercard assertion ended on 02/29/08 you will have owed the $374.sixty seven. although, if between then and now you had some thing refunded to the cardboard or in case you made a cost, then your cutting-edge stability does not be comparable to your "assertion ultimate stability." you ought to call your mastercard organisation and make constructive if it particularly is the case, discover out while your assertion closes, and bypass over the pastime on the account, tournament what they are telling you to what you have on the assertion and maybe you will see the place there's a cost or a refund that got here with the aid of after the assertion decrease.

Answer 9

if there is no annual fee i would keep them and use them as a debt card maybe ever other month or so put a small amount on like food or gas and pay the balance when the bill comes in.

Answer 10

If you have had the credit cards for a long time, it may affect your credit report and score. From http://acreditlibrary.com